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Geodan2on Oct 03, 2018 1:46pm
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RE:First Report from Show, Showing Nuggets
RE:First Report from Show, Showing Nuggets The biggest gold nuggets to come out of the WA's Goldfield region in recent memory were unveiled at the Precious Metal Investment Symposium in Perth on Wednesday.
In September small Canadian miner RNC Minerals unearthed two spectacular nuggets at its Beta Hunt gold mine in Kambalda, 60 kilometres south of Kalgoorlie, worth a combined $15 million.
One of the nuggets weighed 90 kg and contained 2300 ounces of gold.
Photo: Supplied The biggest nugget weighed in at a hefty 90kg and was estimated to contain 2300 ounces of gold.
The company has gone from relative obscurity to the hottest topic in gold circles after it uncovered more large nuggets at a depth lower than any company has mined in the Goldfields region.
Its share price on the Toronto Stock Exchange skyrocketed from 10 Canadian cents at the start of September to more than 90 cents on Wednesday.
RNC chief executive Mark Selby said about 30 to 35,000 ounces of gold had been recovered from an area of just 60 cubic metres.
The find, dubbed the Father's Day Vein, was described as a bonanza and Mr Selby said there was more gold coming.
"Most of that 30 to 35,000 ounces was direct ship material that went to the Perth Mint with an average grade of somewhere between 40 to 50 per cent gold hand sorted," Mr Selby said.
"You don’t use percent very often, or ever, for gold."
"We’ll be having regular specimen sales as we encounter these jewellery boxes as we go forward.
RNC chief executive Mark Selby with one of the nuggets on display in Perth.
Photo: Supplied. "There’s a golden end of a drill hole, which basically looks like a golden rose, so we’re cutting that as a specimen slab out and once that's out of the way then we’ll be firing again and expect to see lots of other specimens get generated, maybe not quite this big."
He said the depth the company was mining was lower than any miner had gone before in Kalgoorlie and after this find he expected Beta Hunt would grow.
"We always thought it had the potential for a big deposit we just weren’t able to raise the capital to drill it properly," he said.
"Obviously with 30,000 ounces that will be hitting the bank account over the next few weeks we’ll have more than enough capital to do the drilling we need to build what we think will be a very, very big gold mine that will last many years in the Kambalda region."
The nuggets will now be taken on a roadshow across the globe and eventually sold at auction.